Two thirds of parents worry about financial security if diagnosed with critical illness

LV= research shows

Jaskeet Briah
clock • 1 min read

Two thirds (37%) of parents were worried about their own and their families’ financial security if they were to experience a major health problem or injury, according to LV=.

The LV= Reaching Resilience report, which surveyed 4,000 UK adults, found that parents were concerned about supporting their families if they were to experience a major health problem. Two in three parents were worried about the prospect of their child being seriously ill and 29% of parents with young children did not feel confident in their ability to cope financially if diagnosed with a critical illness. Specifically, 15% of parents would rely on loans/credit cards if unable to work for two months or more due to illness or injury. For parents with young children, 5% have had an i...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

The Right Mortgage names head of customer service

The Right Mortgage names head of customer service

Supporting AR firms and advisers

Jaskeet Briah
clock 30 May 2024 • 1 min read
Step-parents twice as likely to take out protection

Step-parents twice as likely to take out protection

Half of blended families concerned for their financial future

Jaskeet Briah
clock 24 May 2024 • 1 min read
Industry Voice: High-touch customer service reigns supreme

Industry Voice: High-touch customer service reigns supreme

High quality customer service offers a chance to raise industry standards, especially in claims speed and communication.

Sarka Halas
clock 23 May 2024 • 3 min read